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02/23/2017

OFAC offers compressed SDN file

OFAC has posted a compressed version of its SDN.XML file in order to provide bandwidth savings for users that frequently download the information. This new file compresses the SDN.XML file by approximately 92%.

02/15/2017

FinCEN proposing SAR data fields revisions

FinCEN has published at 82 FR 9109 in the Federal Register a notice and request for comments on a proposed update and revisions to the collection of information filings by financial institutions required to file such reports under the Bank Secrecy Act (“BSA”). This notice does not propose any new regulatory requirements or changes to the requirements related to suspicious activity reporting. The data fields reflect the filing requirement for all filers of SARs under the BSA. Most of the proposed changes would alter the "checklist" of violations in Part II of the filings, including the addition of several fields related to cyber events. Comments are due by April 3, 2017.

02/03/2017

January FedFocus posted

Federal Reserve Bank Services has posted the January 2017 issue of FedFocus featuring an article marking the second anniversary of the release of the "Strategies for Improving the U.S. Payment System" paper. To commemorate another year of substantive industry progress and momentum across the payments industry, the Federal Reserve released "Strategies for Improving the U.S. Payment System – January 2017 Progress Report," which highlights accomplishments as well as plans for 2017.

01/27/2017

Payment system progress report released

The Federal Reserve System has released a progress report outlining accomplishments and anticipated steps moving forward related to the ongoing initiatives to enhance the speed, efficiency and security of the U.S. payment system. The report highlights collaborative efforts in support of five strategies outlined in the January 2015 publication of Strategies for Improving the U.S. Payment System.

01/18/2017

CATS launched at OCC

The OCC has announced the launch of the agency’s Central Application Tracking System (CATS), which is the OCC’s new web-based system for banks to file licensing and public welfare investment applications and notices. CATS replaces e-Corp and CD-1 Invest, the current OCC electronic filing systems. See OCC Bulletin 2016-37 for details.

01/17/2017

ANPR comments extended on enhanced cyber risk management standards

The Federal Reserve, FDIC and OCC have announced the extension through February 17, 2017, of the comment period for their advance notice of proposed rulemaking on enhanced cyber risk management standards for large and interconnected entities under their supervision and those entities’ service providers. The agencies are considering five categories of cyber standards: cyber risk governance, cyber risk management, internal dependency management, external dependency management, and incident response, cyber resilience, and situational awareness. This announcement extends the comment period by one month.

01/13/2017

New York issues updated cybersecurity regs

The New York State Department of Financial Services (DFS) has announced that it has updated its proposed first-in-the-nation cybersecurity regulation to protect New York State from the ever-growing threat of cyber-attacks. The proposed regulation, which will be effective March 1, 2017, will require banks, insurance companies, and other financial services institutions regulated by DFS to establish and maintain a cybersecurity program designed to protect consumers and ensure the safety and soundness of New York State’s financial services industry. The updated proposed regulation, which was submitted to the New York State Register on December 15, and published on December 28, will be finalized following a 30-day notice and public comment period.

01/10/2017

Fintech edition of Consumer Compliance Outlook

The Philadelphia Federal Reserve Bank has posted a special fintech edition of Consumer Compliance Outlook with these articles:

  • Perspectives on Fintech: A Conversation with Governor Lael Brainard
  • Fintech: Balancing the Promise and Risks of Innovation
  • Fintech for the Consumer Market: An Overview
  • Fintech Resources: Laws, Regulations, and Supervisory Guidance

01/06/2017

OCC adds sales practices to financial institutions risks

The OCC has released its Semiannual Risk Perspective for Fall 2016. which reports on the strategic, credit, operational, and compliance risks facing national banks and federal savings associations. The report includes an added focus on sales oversight, in the aftermath of the Wells Fargo scandal. Other highlights of the report include:

  • Strategic risk remains high as banks consider business model changes and face challenges in growing revenue. Strategic planning remains important as banks adopt innovative products, services, and processes in response to the evolving demands for financial services and the entrance of new competitors, such as out-of-market banks and financial technology firms.
  • Banks continue to ease underwriting practices to boost loan volume and to respond to competition from bank and non-bank lenders. These actions are evident in commercial, commercial real estate and auto lending. The level of risk is increasing due to increased risk layering, rising loan policy exceptions, increasing loan-to-value ratios, and weaker covenant protection.
  • Operational risk remains a concern as banks face changing cybersecurity threats, increased reliance on third-party relationships, and the need for sound governance over sales practices.
  • Banks face challenges meeting the integrated mortgage disclosure requirements and amended Military Lending Act regulatory requirements, and managing Bank Secrecy Act risks.

Comptroller Curry offered remarks during the press call on the report.

01/05/2017

Updated resources for HMDA data collection

The FFIEC and HUD have published a list of updated resources for the collection of 2017 HMDA data. The linked resources include a technology preview, filing instructions for 2017 data and for 2018 and later data, a loan/application register (LAR) formatting tool, and FAQs.

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UDAAP Reality Check

We will explore what makes a practice unfair or deceptive by digging into what regulators and the courts have had to say.

Stop That Payment!

Bankers must understand the differences between the use of their systems' stop payment functionality and the actual right to stop payment

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